For instance, if you do fix-and- flip investments with a small, hard-working team, you may need to move fast but have a tight budget. You certainly want to save on renova - tions. And you may not have the time or resources to perform first-hand research. Considering your needs and resources, you could decide to utilize the following technologies: • MLS to discover undervalued homes, foreclosures, preforeclosures, short sales, and more • Google Workplace to create, share, and collaborate on documents and research with your team • Wrike for managing projects and tracking progress on everything from deals to renovations • Contactually to simplify and automate communication with your real estate network In addition, you would want a fast-moving capital partner, one that can provide funding quickly so you can close. Lenders in the real estate space have begun providing this capability. It’s something we at DLP Lending have offered our clients through our Preferred Line of Credit, which allows you to access up to $10 million quickly. The point is this: First think about your current state, needs, capabilities, and resources. Based on that reflec - tion, begin deciding what tools to use. ALIGNTECHNOLOGIESWITH YOUR PRESENTAND LONG- TERMGOALS Whether you’re a large home - builder or property manager, or a solo fix-and-flipper, you have unique present and long-term goals. When
you create and/or use technologies for your business, those tools should align with your goals. For growing real estate investors looking to scale, your technologies should probably include a mix of free options, freemium tools, established platforms, and some enterprise-lev - el options. A lot depends on what your plans are. Let’s say you own rental prop - erties in your city but wish to expand regionally. A solution like AppFolio, which enables you to manage prop - erties remotely, could make growing your market easier. For medium to large players or well-funded companies with ambi - tious growth plans, your tech stack should probably include even more enterprise-level options, as well as custom-developed solutions to meet your needs. For example, at DLP Real Estate Capital, we have more than $1 billion of assets under management and are committed to strong, sustainable growth. To continue that acceleration, we use the following technologies: • Free tools such as Google Docs. We leverage the “founder’s mentality” and pay for what we need. If a free option exists, great! • Freemium platforms like Zoom to host webinars, conferences, client meetings, and more (which has been especially useful during the COVID-19 pandemic). • Enterprise-level options such as Pardot Marketing Automation and Salesforce. This sort of firepower helps differentiate us. • Custom-built solutions, including our Elite Execution System, that helps us achieve supercharged scaling.
shows that 48 percent of real estate firms view keeping pace with tech - nology as a key challenge. It’s not that real estate investors remain stuck in traditional ways of doing business. Data from Statis- ta highlights that opinions on real estate technology are overwhelm - ingly positive. Many professionals believe technology can be lever - aged to reduce construction costs, improve operational efficiency, enhance investment decision-mak - ing, and structure better deals. Therefore, real estate entrepre- neurs see the value of investing in technologies. But they may require guidance and direction to use new platforms fully and effectively. This is why you must assess where you are, as well as consid - er your resources and capabilities when you begin developing your technology stack.
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